The above graph represents the number of payment transactions by PayPal, from fiscal 2012 to 2018. As of December 2018, there are 9,871 million (9.9 billion) payment transactions are completed on either PayPal’s own payment platform or enabled by PayPal via a partner payment solution. That’s a significant year-over-year increase of 27% from 2017. These number of payment transactions in fiscal 2018 are done by 267 million PayPal’s active accounts, across more than 200 markets.
Interestingly, the number of payment transactions completed through PayPal increased significantly over the last 8 years – from 2,663 million to 9,871 million in 2018.
PayPal Payment Transactions: Additional Information
PayPal defines the number of payment transactions as the total number of payments, net of payment reversals, successfully completed on its own payments platform or enabled by PayPal via a partner payment solution. This doesn’t include the gateway-exclusive transactions. The company generates revenues from the merchants primarily by charging fees for completing their payment transactions and other payment-related services.
Founded in December 1998 as Confinity Inc., by Max Levchin, Peter Thiel, Luke Nosek, and Ken Howery, PayPal Holding Inc. (NASDAQ: PYPL) was funded by John Malloy from BlurRun ventures.
However, it was March 2000, when Confinity merged with X.com, an online banking company founded by Elon Musk in November 1999. The visionary Musk was quick to visualise the future potential of the money transfer business Confinity was developing. In contrast to that, Bill Harris, the then-president and CEO of X.com, didn’t find much merit in Musk’s thoughts. Soon, Harris decided to part ways was Musk was determined to stay focused on Confinity money transfer service. He was so committed that he terminated the company’s all other Internet banking operations in order to remain focused on the money transfer business.
All these shifts created an impact on Elon Musk’s position in the company he was replaced by Peter Thiel as CEO of X.com. In the following year, the X.com was renamed as PayPal.
The astounding growth of PayPal convinced executives to launch the IPO of PayPal in 2002. After the celebrated acquisition by eBay Inc. (NASDAQ: EBAY) in July 2020 which valued PayPal $1.5 billion – 7% above the IPO price – it was clear that PayPal is en route to become a global leader in money transfer business.
After thirteen years of being under the umbrella of eBay, PayPal once again became an independent publicly traded company.
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